The rental market is changing, but many private villa owners cannot switch their focus from how these changes are impacting their ability to travel freely to how they could yield significantly more rental income for them. So, how can you make the most of the emerging medium-term rental market?
For El Rey Villas, one of the most common conversations we’ve had over the last six months is with British property owners in the south of Spain, whose annual plans to visit Spain for a significant portion of the year have been scuppered by the 90-day limit. The 90-day rule means that without Spanish residency, those who own a second home cannot utilize it as much as they had done in the past and can only stay in Spain without a visa for 90 days in any 180-day period.
Frustrating, even upsetting for many. However, it isn’t all bad news. Just as villa owners are coming to terms with being unable to utilise their second home for as long as they would have done in the past, the market is seeing increasing demand for three-month stays as people seek to escape to the sun for longer than the usual two-week summer break. This demand is partly driven by the global switch to remote-first working, enabling professionals to carry on their work no matter where in the world they are. The demand is also driven by increased complexities relating to British citizens gaining residency post- Brexit; therefore, the best they can hope for is getting the most out of Spain in 90-day chunks every 180 days.
What does it mean for you?
There’s demand to rent your property that simply wasn’t there as recently as a few months ago. With you not being able to visit for as long as you typically would have done pre-Brexit, there’s money to be made by renting your villa through El Rey during those times you are unable to occupy it. El Rey offers a choice of solutions that enable you to take complete control over when your property is available for rent and offer a selection of packages to meet your requirements.
Don’t leave your villa vacant. Not only are there the increased risks of squatters eyeing it as their dream home, but you’ll also be missing out on earnings you could make with minimal effort.
With the market changing, demand is increasing, and the opportunity to maximise your yield is now.
Take a look at our ROI calculator and see if the money you can make from renting your property can go some way to easing the pain of not being able to be in it for as long as you would like.